Working for fair trade deal with US, says Goyal

Amid renewed optimism from Washington, Commerce and Industry Minister Piyush Goyal on Tuesday said India was working towards a fair, equitable and balanced trade deal with the US, while firmly asserting that New Delhi would not compromise the interests of farmers, fishermen and the dairy sector.

Speaking at Udyog Samagam-2025, a conference of state industries and commerce ministers, Goyal said negotiations between India and the US for a bilateral trade pact had made substantial progress and could be concluded “any day — tomorrow, next month or next year”.

“We are working for a good trade deal in the interests of India. However, India will not compromise the interests of our farmers, fishermen, workers and dairy producers. We want a fair, equitable and balanced trade deal,” Goyal said.

His remarks came hours after US President Donald Trump said the two countries were “pretty close” to finalising a “fair trade deal,” indicating that Washington might soon ease the steep tariffs imposed on Indian goods.

“Right now, the tariffs are very high on India because of Russian oil, but they’ve reduced their imports substantially. We’re going to be bringing the tariffs down at some point,” Trump said during a ceremony at the Oval Office, where Sergio Gor was sworn in as the new US Ambassador to India.

The President added that the two countries were “getting a deal that’s good for everybody”, describing India as an “amazing country” with a rapidly growing middle class and a vital role in the Indo-Pacific region.

Five rounds of negotiations for the first phase of the bilateral trade pact have already been completed. Officials say both sides are now close to finalising the draft text. A team led by Commerce Secretary Rajesh Agrawal held three days of talks with US counterparts in Washington last month.

Trade relations have been under strain since the Trump administration imposed a 50 per cent tariff on Indian goods, including a 25 per cent duty linked to India’s purchase of Russian crude.

The proposed deal aims to more than double bilateral trade from the current $191 billion to $500 billion by 2030. The US remains India’s largest trading partner for the fourth consecutive year, accounting for nearly one-fifth of India’s total goods exports.